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Macquarie Infrastructure Company LLC Reports Third Quarter 2012 Financial Results, Increases Cash Dividend To $2.75 Annualized

Atlantic Aviation

Atlantic Aviation owns and operates a network of fixed-base operations (FBO) that primarily provide fuel, terminal services and aircraft hangar services to owners and operators of general aviation (GA) aircraft at 63 airports in the US. The network is one of the largest in the US air transportation industry.

In 2012 compared with the prior comparable periods in 2011:
  • GA fuel-related gross profit increased 5.4% and 5.3% for the third quarter and nine months ended September 30, 2012, respectively; on a same store basis, total fuel-related gross profit increased 4.0% and 3.3% for the quarter and year to date periods;
  • GA fuel-related gross profit improvement was partially offset by declines in non-GA and non-fuel gross profit – in particular, de-icing gross profit for the nine months ended September 30, 2012 declined 67.3% compared with the same period in 2011 as a result of the unseasonably mild winter in the northeast and central U.S. in 2012; and,
  • EBITDA excluding non-cash items increased 3.9% and 5.9% for the third quarter and nine months ended September 30, 2012, respectively; on a same store basis, EBITDA excluding non-cash items increased 8.3% and 6.8% for the quarter and year to date periods.

Free cash flow generated by Atlantic Aviation increased 9.3% to $17.7 million and 12.0% to $51.4 million for the quarter and nine months ended September 30, 2012, respectively. The increase in cash generation reflects primarily improved operating results, lower cash interest expense and reduced swap break costs partially offset by higher maintenance capital expenditures and cash taxes.

Interest payable on Atlantic Aviation’s term loan capital expenditure facilities decreased in early October from an all-in 6.47% to LIBOR + 1.725% as a result of the expiration of interest rate hedges. As a result, cash interest payable by the business going forward is expected to decline by approximately $30.0 million per year. Effective with the expiration of the hedges 100% of Atlantic Aviation’s free cash flow is being swept to the reduction of the business’ term loan balance. Atlantic’s pro-forma leverage ratio at quarter end decreased to 5.53x including a principal payment of $14.6 million made on October 16, 2012.

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